I just started using Quickbooks and initiated a sync with my Wise account - the problem is, all the imported transactions are added as Pounds (My business is registered in the UK) while all the transactions from the Wise account are in SGD (Singapore dollars)
How can I fix this?
Hello and welcome to the Community, @DanialN.
I'd like to know more about this issue in question. Do you have a multicurrency feature in your QuickBooks account? This way, I can provide you with a resolution that fits your situation. Also, I would like to know what QuickBooks version you're using. You're response will be highly appreciated.
If you have any additional information, feel free to post a reply. I'll be here waiting for you. Have a good one!
Hi there, DanialN.
You'll have to use the multi-currency feature to track transactions in foreign currencies. This functionality is only available in QuickBooks Online Essentials, Plus, and Advanced. If you're using the Simple Start version, you'll want to consider upgrading your subscription. Once you're all set up and ready, here's how to turn it on:
For more tips in managing your transactions in foreign currency, you can read these articles:
Drop me a comment below if you have follow-up questions about this topic. Have a good one.
You can only change the home currency before registering any transactions. You should open a new blank QBO account, enable the multi currency, and change your home currency to SGD if required.
Then you may have 2 ways migrating data from your old account before cancelling it.
1. Utilize a migration tool.
2, Purchase a 3rd party migration service.
I'm here to share some information as to why you’re unable to change the currency in QuickBooks Online (QBO).
My colleague mentioned doing the upgrade because you are using QBO Simple Start and multi-currency works in QuickBooks Online Essentials or Plus.
In (QBO), you can no longer edit the currency once you've already set up the account in the Chart of Accounts. Also, the Currency field will only display when you edit the Bank, Credit Card, Assets, and Liability type accounts. Thus, the screenshot you've shared shows that you're trying to edit an income-type account. However, this isn't editable.
You can consider creating a new account and using the appropriate currency. Here's how:
I'm adding this article for more details: Add an account to your chart of accounts in QuickBooks Online.
Here's the list of reports that displays unrealized gains or losses:
You have to customize the reports to view unrealized gains or losses on those reports.
You might also want to read this article to know more about Multi-Currency.
Should you have follow-up concerns, please let me know. I'll be more than willing to lend you a hand. Have a good one.
@DebSheenD I appreciate your reply, but as I mentioned before, the problem is not with adding new accounts. I already added a new account with the correct currency, but the data shown in the reports are not accurate, because data is now duplicated in 2 different currencies.
How do I get more personal help from your customer service? This is not helpful at all.
We'd want to make sure that all your data is correct in QBO, DanialN.
Thank you for sharing updates that you're able to create the right accounts for the other currency. The duplicate entries was created because there was a different currency when you initially set up and downloaded transactions from Wise.
You can create journal entry to remove the amount from the incorrect currency. Here's how:
Let me also share these steps how to reach out to our customer service team:
In the meantime, let me give you these additional references in case you might need to make some adjustments in the future:
Please know that the forum is open all the time to offer help if you need it again.
Would you be so kind to hand me over the solution?
I have integrated all accounts and seperately added the british pound and euro account.
Though those didn't replace the wrongfully added converted in USD accounts.
I can't send you a screenshot, because I don't want the content of my books set publicly to all readers of this treat, as you probably can understand.
Thank you for being willing to help me out with this.
Hello The Owl, thanks for joining this thread - you can remove an account that was added incorrectly from the banking screen by clicking the pencil icon above the bank balance > select edit account info > tick disconnect this account on save > save.
Before linking foreign currency accounts in QuickBooks, check that multicurrency is turned on and then create an account for the bank. To do this, go to the Cog > Chart of accounts > New > Select Cash at bank and in hand as the account type > Choose the relevant detail type in the field below > Name the account > Set the currency > Complete any other fields as you see fit and save.
If you need any additional help setting up your account, you can begin a live chat where a member of our team will be able to set up a screen-share to view your QuickBooks in real-time.